News that the Indonesian state oil firm Pertamina indicated it favours the euro over the dollar barely got a mention as the war in Iraq and the Sars virus dominated the headlines.
Pertamina, Indonesia's state oil company, dropped a bombshell recently. It is considering dropping the US dollar for the euro in its oil and gas trades. With war unfolding in Iraq and a mysterious pneumonia (Sars) spreading around Asia, few noticed. News that Indonesian government officials favour the euro also fell through the cracks. Yet it could have major implications for the world's biggest economy. Other Asian countries may not be far behind any move in Indonesia to dump the dollar. The reasons for this are economic and political, and they could trigger a realignment that undermin...
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